Grades that come out after applications are submitted

Do semester grades that are earned after submitting applications to schools have any effect. For example if I will graduate from UG in 2010. I will submit applications this fall but there are 2 terms of grades. I assume the final spring semester will not be seen, but will I have to send in a new transcript to LSDAS and update my application that way? Grades for fall semester at my school come out like in January, it seems like most schools have already decided who to accept by then. For me these grades can play a big role because I will take 3 years (out of high school) to graduate from UG. Any little GPA affects the average more than it would for most other people.

Also I hope schools do not get confused by my early graduation. I had some test credit coming out of high school, but I completed over 85 units in the last 2 years. I just don't want them to think I am inelligible to graduate or something. What if they reject me because they do not believe that I will graduate in Spring 2010. I had some trouble transferring schools for because of this. (You had to be a second year student, I was, but the transcripts showed only 1 year). Will this pose problems?

I don't think there's any reason to include an addendum explaining that you are graduating from college early. The applications will ask in what month and year you graduated/will graduate from college and indicating you will graduate around May 2010 is sufficient. It's not completely unheard of that students graduate in three years.

As for the grades, you submit an updated transcript to LSAC when they come out. Unfortunately that's the way it works. If you want to wait for all your grades to be in because you think your GPA will be significantly raised in the next two semesters, then take a year off school and apply then. Otherwise yes, you run the risk of being rejected prior to your new grades being received. The good news is that many schools seem to hold off on rejections for a while into the late winter/early spring, so you very well may end up being able to update your LSAC GPA prior to a decision being made.